55 Senator
Allison: To ask the Minister for Revenue and Assistant Treasurer—

(1) Is
it the case that the Melbourne office of the Australian Prudential Regulation
Authority (APRA) failed to notify trustees of pre-existing pooled superannuation
trusts (PSTs) that, under new regulations, they were required to notify
APRA in writing that they wished their trusts to continue to be treated
as PSTs by 31 October 2000.

(2) Is
it the case that trusts that have failed to so notify APRA will become
non-complying superannuation funds, attracting a tax rate of 48.5 per
cent on fund earnings instead of the concessional 15 per cent.

(3) How
long has APRA been aware of the failure to notify outlined in (1).

(4) How
long has the Minister or the department been aware of the failure to
notify.

(5) Has
APRA or the Government taken any action to resolve this matter.

(6) What
action will the Government and APRA be taking to resolve this matter.